crude oil prices continue to fall. 06-12-2023

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crude oil Brent futures for Feb delivery down 13 cents to $77.07 a barrel while crude oil WTI Jan futures fall 18 cents to $72.14 a barrel on Wednesday at the time of reporting. Both the benchmarks lost around 2 % during the week since the beginning of the week. Brent premium narrowed down to $4.88 a barrel during yesterday’s session.

crude world benchmark futures curves continue to slid for the straight fifth session in a bearish mood. OPEC+ decision of deepening cuts could not drive oil prices up. China’s gloomy economic outlook compounded prevailing bearish sentiment across the market. Putting some light on weekly data, API estimated that crude and product stocks piled up by 594,000 bbl, 2.83Mb and 890,000 bbl during the last week. EIA confirmation is awaited. Consensus is on draws as per analysts.

Investors are taking cautious approach amid uncertainty over demand outlook and doubts over implementation of cuts announced through 4th quarter. Some volatility is expected if money managers build long positions.

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